6 February 2024
Cubico Sustainable Investments (“Cubico”), one of the world’s largest privately-owned renewable energy companies, is pleased to announce the creation of a groundbreaking joint venture (“JV”) with Storaltil, a prominent Italian battery storage developer and consultancy. The newly formed JV aims to develop over 1 GW of Battery Energy Storage System (“BESS”) projects, establishing Cubico’s presence in Italy’s rapidly growing battery storage market.
The JV will encompass four projects in its initial phase, incorporating two contributions from Cubico with a combined capacity exceeding 150 MW. The decision to form the strategic partnership comes at a pivotal time for the Italian renewables market, given the urgent need for enhanced utility-scale electricity storage capacity in Italy. A recent study conducted by grid operator Terna, revealed that the country requires nearly 71 GWh of new battery storage by 2030 to meet the European Union’s ambitious target of reducing greenhouse gas emissions by at least 55 percent.
Given Italy’s increasing demand for storage solutions, the JV is strategically positioned to tackle the grid congestion challenges prevalent in various regions across the country, with a substantial portion of the projects situated in these areas. Cubico’s strong network and expertise in originating and developing projects in Italy, combined with Storaltil’s breadth of technical expertise, data, and experience in locating optimal sites will play a pivotal role in the success of the JV.
Alessandro Asperti, Country Head for Italy at Cubico, commented: “This strategic partnership with Storaltil marks a significant milestone for Cubico as we enter the dynamic and rapidly growing BESS market in Italy. Our collaboration aims to address critical grid challenges and contribute to the realisation of Italy’s clean energy goals, aligning with the broader European objectives for a sustainable future.”
A spokesperson for Storaltil SRL, added: “We are delighted to partner with Cubico, a prominent global renewables investor, leveraging our technical and local expertise to facilitate their entry into the emerging BESS market. Recognising the significance of battery storage in helping Italy achieve its energy transition goals, we are confident that our collaboration with Cubico will cultivate a robust BESS pipeline and position us as a key player within the sector.”
Leveraging an existing development pipeline of circa 1 GW of Italian solar and wind projects and nearly 300 MW of operational projects, the JV further strengthens Cubico in-country portfolio, whilst developing a foothold in one of Italy’s fastest growing clean energy sectors